We have conducted many hundreds of bankruptcy property valuation reports across Melbourne, and pride ourselves on prompt, accurate, independent valuations and real estate advice you can rely only on.
Bankruptcy can be a very difficult situation for all involved parties and all valuations are handled sensitively, and with the professionalism that it deserves.
The process for a bankruptcy property valuation is similar to most other property valuations we make undertake, but there is sometimes the requirement to undertake valuations on the basis that a property has to be sold in a shorter time frame than usual.
This is known as a forced sale, and may involve limited marketing as well as a requirement to have the property sold within a 30 day period.
It is important to clarify with the valuer the basis of the property valuation, and any specific requirements you may have.
In all circumstances, the property will be inspected carefully, with detailed notes, measurements and photos take. This will form the basis of a detailed report that also includes comparable sales, current market condition and states any assumptions the valuer has made whislt undertaking the valuation.
It is of course important to discuss all aspects of the valuation with the valuer prior to commencement of the valuation.
If you have any questions in regards to a bankruptcy property valuation feel free to contact us for further information or to obtain a quote.
You will be able to speak directly to an experienced property valuer.
The report can be used by individual clients as required, submitted as evidence in bankruptcy proceedings, and used in mediation or court if necessary.
It is also possible to undertake bankruptcy property valuation reports where access to the property is not possible, or it has been denied.
Some information about bankruptcy trustees is shown below that may be of help to you:
A Private Registered Bankruptcy Trustee is a qualified personal insolvency practitioner who is registered with the Australian Financial Security Authority (AFSA) to administer bankrupt estates and Personal Insolvency Agreements.
In order to become registered, one will need to hold the necessary qualifications and have completed the minimum level of studies and also have extensive work experience and knowledge in dealing with insolvency and bankruptcy matters.
AFSA (who is the licensing authority) usually expects the applicant to have the following qualifications/experience:
- Hold a university degree majoring in accountancy;
- Is a member of the Institute of Chartered Accountants or CPA Australia; and
- Preferably is also a member of the Australian Restructuring Insolvency & Turnaround Association (ARITA).
All Registered Trustees are regularly monitored by AFSA. AFSA usually conducts an annual inspection of a Registered Trustee’s file to ensure that the high level of standards are maintained.